World stock markets daily report (September 02, 2010)
A hump day rally sparked by strong Chinese PMI and Aussie GDP data was followed up by much better than expected US ISM and the sentiment was for sure “RISK-ON” this was also helped by WSJ article about further stimulus from Obama administration and rumours of massive $6bn asset reallocation trade out of German bunds (the bond bubble) into S&P 500 futures as it was the start of a new quarter.
Indian stock market daily closing report (September 02, 2010)
The markets traded within a tight range after the positive momentum witnessed for two days and ended with modest gains. All the major sectoral indices ended on a very flat note. Sugar counters witnessed a significant spike on decontrol reports. The Sensex closed at 18,238 up 34 points and the Nifty was at 5,486 up 14 points after making an intra-day high of 5,513. The Mid cap and Small cap indices were up by 0.78% and 1.11% respectively. The breadth of the market was positive and the total turnover recorded at Rs.1,02,680 Cr. The Sept future ended with 3 points discount
World stock markets news summary (US, UK, Europe, Asia) (September 02, 2010)
Nationwide House Prices SA (Aug) M/M -0.9% vs. Exp. -0.3% (Prev. -0.5%); NSA (Aug) Y/Y 3.9% vs. Exp. 4.9% (Prev. 6.6%) (RTRS) UK house prices fell the most in six months in August as increased supply of property gave buyers more bargaining power, according to Nationwide Building Society.Britain’s deficit is constraining public finances, says IMF report. (Independent) Britain’s public finances remain “constrained” and among the most precarious of the major advanced economies, the International Monetary Fund (IMF) warned yesterday. Ranking nations by their “fiscal space” – the insulation that they have against further unforeseen shocks to their economic systems – the IMF said the UK was only one notch above those countries most commonly thought of as being bust.
Indian stock market and companies daily report (September 02, 2010, Thursday)
The market extended gains in morning trade and turned range bound in mid-morning trade. Strong global cues pushed the market sharply higher in the second half of trade. The market spurted to the day's high in mid-afternoon trade and extended gains in late trade as European stocks and US index futures rose. Strong auto sales, expansion in the manufacturing sector in August 2010 and resumption of buying by foreign funds underpinned sentiments. All the sectoral indices on the BSE were in green and the market breadth was strong. The Sensex and Nifty closed up by 1.3% each. BSE mid-cap and the small-cap indices closed up by 1.7% and 1.8%, respectively. Among the front liners, RCOM, Hindalco Industries, Sterlite Industries, Bharti Airtel and Tata Steel gained 3–5%, while Hero Honda, HDFC and ONGC lost 0–2%. Among mid caps, STC, FDC, United Breweries, Dredging Corp. and State Bank of Mysore gained 10–14%, while Allcargo Global, Shree Global Tradefin, Jain Irrigation, Fresenius Kabi Oncology and GSK Consumer lost 2–4%.
Indian stock market daily morning report (September 02, 2010, Thursday)
Indian markets ended positive to a one month high yesterday on fund buying across the sector after firm global markets, strong auto sales, rising exports and expansion in manufacturing sector. Positive European markets also aggravated buying in the markets. TCS gained ~1.5% as its UK subsidiary Diligenta bagged contracts worth 250mn pounds. All sectoral indices closed positive with metal, real estate, IT and oil & gas led the market to close positive. Metals stocks rallied as a rebound in manufacturing in China propelled base metals.
Malaysia stock market and companies daily report (September 02, 2010)
Petroliam Nasional (Petronas) will acquire BP’s 15% and 60% interests in Ethylene Malaysia (EMSB) and Polyethylene Malaysia (PEMSB) respectively for US$363m (RM1.14b). Greepacket expects to secure at least three more contracts worth US$7.5m (RM23.5m) for its WiFi modems and software from the Middle East and American continent by year-end.AmResearch is maintaining its Buy call on Naim Holdings and raised the fair value from RM4.60 a share to RM5.09 after factoring in the Sabah Oil & Gas Terminal (SOGT) project. Naim had on 1st Sept, Wednesday revealed that the Samsung-Naim JV had received a letter of award from Petronas Carigali for the SOGT project.
Singapore stock market and companies daily report (United Fiber System ,Yangzijiang Shipbuilding,Sri Trang Agro-Industry ) (September 02, 2010)
United Fiber System (UniFiber) has proposed to raise $178m through the issue of subscription shares to Falcon Capital Global Holding (Falcon) at an issue price of $0.05 apiece. This will lead to Falcon taking a majority stake of 51.5% of the enlarged share capital of UniFiber.Yangzijiang Shipbuilding (Hldgs) is issuing 240m underwritten Taiwan Depository Receipts (TDRs) at NT$18.8 apiece. This translates to about $1.585 for every share since every 2 TDRs represent 1 share of the firm. Thailand-listed Sri Trang Agro-Industry Public Company (Sri Trang) is delaying its dual primary listing in Singapore due to recent volatility in the equity markets globally. The firm is conditionally eligible to list on the mainboard of Singapore Exchange (SGX) based on the eligibility-to-list letter from SGX.
Australian stock market and companies daily report (September 02, 2010)
US stocks rallied on Wednesday, with Bank of America, Caterpillar and JP Morgan Chase leading broad gains in a strong start to September after manufacturing data topped expectations.The Dow Jones Industrial Average advanced 2.54%, marking its biggest one-day gain since July 7 and its fifth-largest one-day gain this year. All 30 of the measure's components rose, led by Bank of America, which jumped 6.1%. Caterpillar was also strong, up 4.6%, and JP Morgan added 3.8%.The Nasdaq Composite gained 2.97%. The Standard & Poor's 500 index climbed 2.95%, with all of its sectors ending the session higher. The industrial and financial sectors posted the biggest percentage increases.
US stock market daily report (September 01, 2010, Wednesday)
Stocks rallied in the first trading session in September, with the Dow being up triple digits. Thanks to a better than expected report on manufacturing, all three major indexes were on the rise. Typically in September, stocks post losses for the month. Investors say that maybe this year's September was in August. Stocks took a big hit in August; all three major indexes reported pretty significant losses. Coming in first was the Nasdaq; the index lost 6.2% in August, the Standard & Poor's 500 index is down 4.7% and the Dow Jones Industrial Average lost 4.3%. Recently when economic reports are released and they are better than expected stocks rise. Investors are looking for any positive news on the economy. They have feared throughout the summer that the economic recovery is headed towards a stand still. Analysts believe that the market will more than likely continue to fall overall. Despite the weary report from ADP stocks continued to rise. ADP is a payroll processing firm whose report is used as a way to tell what kind of report we will get from the Labor Department in their weekly report on the job market. ADP reported that employers cut 10,000 jobs in August, down from the 37,000 jobs added in July.
Russian stock market daily evening report (September 01, 2010, Wednesday)
Weak growth goes on at the market versus relatively calm foreign background. AvtoVAZ still is the favorite note showing quotes growth acceleration without any visible reason. The telecommunication companies are drop leaders, headed by Sibirtelecom, where the shreholders register was closed yesterday.
Considering therapid beginning of Fall at american grounds, the russian investors might likely continue play upwards also.
World stock markets daily report (September 01, 2010)
US stocks rose, trimming the biggest August slump since 2001 Tuesday, as regulators approved a Chinese investment in Morgan Stanley and gains in home prices and consumer confidence tempered concern the economy is double dipping. Morgan Stanley added 1.1 percent as the Federal Reserve approved China Investment Corp.’s plan to buy as much as 10 percent of the company. AT&T Inc., JPMorgan and Merck both gained at least 1.2 percent to lead the Dow higher. Overnight sentiment has been buoyed by news that China’s manufacturing expanded at a faster pace in August, damping concerns that growth in the engine of the world’s economic recovery is slowing and Australia, the biggest supplier of iron to China, reported gross domestic product growth of 1.2 percent, beating the median estimate of 0.9 percent in a Bloomberg News survey of 23 analysts. Before we get carried away though.
Indian stock market daily closing report (September 01, 2010)
The markets showed a spectacular rally during the last two hour of trade after weakness seen for past few sessions and ended on a very strong note. All the major sectoral indices ended on a very strong note Metal and Reality counters being the highest gainers. The Sensex closed at 18,205 up 235 points and the Nifty was at 5,472 up 69 points after making an intra-day high of 5,478. The Mid cap and Smallcap indices were up by 1.71% and 1.86% respectively. The breadth of the market was very strong and the total turnover recorded at Rs.1,10,710 Cr. The Sept future ended with 7 points premium.
World stock markets news summary (US, UK, Europe, Asia) (September 01, 2010)
The housing market faces a double dip downturn this year. (Independent) With falling prices and a rising ride of negative equity hitting homeowners hard, the Independent reports. Latest data from the Bank of England shows mortgages lending is stuck at about half the level usually associated with a healthy market. Observers say the latest BOE lending data will increase pressure on the Bank to resume its economy to prevent a full-blown slump.Bad news for first-time buyers: prices will fall. (Times) According to Anatole Kaletsky he believes that the normal level for house prices will remain higher than it has been in previous decades, because he expects interest rates to remain below 2% for at least the next five years and probably until the end of this decade. But higher does not mean rising – because housing is still expensive by historical standards, interest rates cannot be reduced much further and house prices are more likely to fall than to rise from this point.
Indian stock market and companies daily report (September 01, 2010, Wednesday)
The market opened on a weak note, tracking lower Asian stocks and extended losses in mid-morning trade as RIL’s stock fell on the news of its acquisition of stake in EIH Ltd. Further, weak global stocks offset data showing robust GDP growth of 8.8% in 1QFY2011. However, the market staged a mild recovery after sliding to a fresh intraday low in afternoon trade. The intraday recovery gathered steam in mid-afternoon trade as European stocks and US index futures came off initial lows. High volatility was witnessed in late trade. The Sensex and Nifty closed down by 0.3% and 0.2%, respectively. The BSE mid-cap and the small-cap indices closed lower by 0.6% and 1%, respectively. Among the front liners, M&M, ITC, Maruti Suzuki, Tata Motors and Bharti Airtel gained 1–3%, while RCOM, Jaiprakash Associates, RIL, Jindal Steel and DLF lost 2–4%. Among mid caps, United Breweries, Emami, Radico Khaitan, KGN Industries and Marico gained 4–9%, while EIH, State Bank of Mysore, Rajesh Exports, State Bank of Travancore and State Bank of Bikaner & Jaipur lost 5–7%.
Indian stock market daily morning report (September 01, 2010, Wednesday)
Indian markets ended with modest losses to its lowest close in a month yesterday as shaky global markets and concerns about the US economy cast a shadow on the outlook for risk appetite. However, the market recovered some of its losses after showing smart recovery in the last trading session. Robust first quarter GDP growth at 8.8% in the June quarter however failed to excite investors as it was in line with expectations. Reliance Industries lost ~3.1% as investors gave a thumb down to its surprise stake buy in hotel chain EIH, which was seen as a diversion from its core strength. Consumer durable, oil & gas, real estate and metal stocks witnessed selling pressure while some buying activities in FMCG, auto and IT stocks capped losses to major extend.
Malaysia stock market and companies daily report (September 01, 2010)
Bank Negara Malaysia is likely to keep borrowing costs unchanged when its monetary policy committee meets tomorrow for the second last time for this year. The market highly anticipates that the committee will pause increasing the overnight policy rate (OPR) which ultimately determines interest rates. AmResearch maintains its Buy call on PLUS Expressways (PLUS) with fair value raised from RM4.33 a share to RM4.72 a share after the earnings upgrade following strong traffic numbers.The group is proposing to consolidate every four of its shares of 25 sen each into 1 ordinary share of RM1 each. The company has also proposed to amend its memorandum and articles of association to effect the share consolidation exercise.
Singapore stock market and companies daily report (Ezra Holdings, OSIM International ,Yongnam Holdings ) (September 01, 2010)
Ezra Holdings (Ezra) is proposing a 1-for-5 rights issue to raise about $155.3m in gross proceeds. The offshore service provider said that its fully underwritten renounceable rights issue will offer 131.6m new shares at an issue price of $1.18 each.OSIM International (OSIM) intends to focus its expansion plans in China, which has been a key growth market for over 10 years. There are currently 228 OSIM outlets in China, which will increase to 270 by the end of the year.Yongnam Holdings (Yongnam), a well established structural steel contractor and specialist civil engineering solutions provider, has been awarded its first contract for the MRT Downtown Line 2 (DTL 2) valued at $25m.
Australian stock market and companies daily report (September 01, 2010)
US stocks eked out a tiny advance on Tuesday, with AT&T, JP Morgan and Merck among the gainers in the conclusion of a bruising month for the market.The Dow Jones Industrial Average edged up 0.05% on Tuesday but tumbled 4.31% on the month, marking its first August drop in five years. August turned out to be the second-worst month of the year for the Dow Jones Industrial Average behind May, and the measure is now off 3.96% for the year.The Dow's technology components were the biggest weight on the Dow for August, with Hewlett-Packard dropping 16%, Intel sliding 14% and Cisco Systems declining 13% in the month.
US stock market daily report ( August 31, 2010, Tuesday)
It was reported today that the amount of U.S. Banks in trouble is at a high that hasn't been seen since 1993. In a government report, the number of banks that have a possibility of filing doubled since last year. In the Federal Deposit Insurance Corp's quarterly survey, it showed an increase by 53 banks, taking the overall number to 829 banks being watched to fail. Just because the FDIC is watching these banks doesn't necessarily mean the financial institution will fail, it is just struggling. Few banks on the list actually get to that point; only 13% of banks on the list close. Last year the FDIC list reached 416, but in the first quarter of 2010 it rose to 775. In the report, it showed that 118 financial institutions have closed this year, and 45 of them were closed just in the second quarter.
Russian stock market daily evening report (August 31, 2010, Tuesday)
Once again slight drop took place at the market following the impact of fall at the U.S. and Asian markets. Support still comes on behalf of the climbing oil prices. The shares of Rostelecom were climbing due to old news on dividends. Also demand remained in other telecommunication companies' shares. We do not exclude a neutral open of the market with possibilitty of further climbing following the oil quotes.
World stock markets daily report (August 31, 2010)
As I warned yesterday double dip fears returned to trump the temporary respite from Bernanke’s holding exercise at Jackson Hole & a flurry of M&A activity following yet more disappointing economic data which showed weaker than expected growth in US household personal income sending. This all helped push US equity indices to a 1.1% loss Monday. The 1020 area on the S&P 500 remains the key level to watch as this is the point from which we bounced back in early July. A break there I feel would see the market push substantially lower.
Indian stock market daily closing report (August 31, 2010)
Market opened weak as Global cues were weak, but we saw recovery in later half of the day. we saw selling pressure in Sectors like Oil & Gas, Realty, & Metal. We saw buying in stocks like United Breweries was up by 10.55%, Emami was up by 4.37% & Radico was up by 3.79%. Market closed at 5402 down by 13 points, before making an intraday High of 5514 and Low of 5349. The benchmark Index Sensex closed at 17,971 down by 61 points before making an intraday high of 18,016 & low of 17,820. Among the broader indices - The BSE Midcap Index was down by .58% and Small cap was down by .91% Today's market breadth was negative and Total Turnover was at 1,24,883Cr.
World stock markets news summary (US, UK, Europe, Asia) (August 31, 2010)
GfK Consumer Confidence Survey (Aug) M/M -18 vs. Exp. -24 (Prev. -22) (RTRS) British consumer confidence unexpectedly improved in August for the first time since February thanks to a more positive view on the economic outlook.Osborne plans 25% Treasury jobs cull. (FT FrontPage) George Osborne is planning to cut staff numbers at the Treasury by about one-quarter and scale back his department’s role as he attempts to lead by example in the search for sweeping spending cuts across Whitehall.
Russian stock market daily morning report (August 31, 2010, Tuesday)
The trading week began actively at the Russian share market. The foreign background was favorable to the shares, oil was climbing, which leaded to the good open. Among all the shares being traded we should outline the preferred shares of Rostelecom, which added a bit less than 10% due to information on possible change of dividend policy relating the preferred shares. Along with that, the shares of IRC Svyazinvest were climbing also. We should outline the shares of AvtoVAZ - on Monday the had of government Vladimir Putin announced continuation of import duties for cars raise, which definitely is positive for the car-maker and leaded to its quotes growth.
Indian stock market and companies daily report (August 31, 2010, Tuesday)
Volatility was the order of the day as the market swung between gains and losses after the government tabled the much-awaited Direct Taxes Code bill in the Lok Sabha. The market surged in early trade, tracking gains in Asian stocks and gained strength in mid-morning trade. However, it came off the lower level in afternoon trade and regained the positive zone after turning negative for a brief period in mid-afternoon trade. Immense volatility was witnessed in the last one hour of trade as the Sensex alternatively swung between gains and losses. The Sensex and Nifty closed up by 0.2% and 0.1%, respectively. BSE mid-cap index closed up by 0.1%, while the small-cap index closed down by 0.1%. Among the front liners, Tata Steel, Bharti Airtel, ONGC, Hindalco Industries and Reliance Infrastructure gained 2–3%, while ITC, BHEL, TCS, L&T and Infosys lost 0–1%. Among mid caps, EIH, KGN Industries, Pipavav Shipyard, Baja Electricals and Aurobindo Pharma gained 4–11%, while Pfizer, HCL Infosystems, FDC, MVL and State Bank of Travancore lost 3–4%.
Indian stock market daily morning report (August 31, 2010, Tuesday)
Indian markets ended a volatile session on marginally positive note yesterday on back of mixed global cues and news of Direct Tax Code introduction in the Parliament. Flat European markets also weighed on investor sentiment. EIH gained ~11.5% Reliance Industries bought 14.12% stake in EIH through its wholly-owned subsidiary Reliance Industries Investment and Holding Private Limited at Rs 182 per share. Tata Steel rallied as much as 3.5% after its unit Corus reached an agreement with Thailand's SSI over the potential $500 million sale of its mothballed Teesside plant in northern England. The up-move was mainly led by gains in metal, consumer durable and auto stocks while FMCG, IT and capital goods stocks witnessed profit booking.
Malaysia stock market and companies daily report (August 31, 2010)
Amtek Holdings says it is confident of being profitable again for the financial year ending 30 Jun-11, after several years of losses. Amtek still expects to report a loss for FY10 but has projected a net profit of RM2m on RM62m revenue next year.Kulim (Malaysia) Q2 pre-tax profit rose to RM123.05m from RM99.55m in the same quarter of last year. Its revenue increased to RM1.67b for the quarter ended 30 Jun from RM1.49b previously.The first half of the year (1H10) saw an increase in air and sea cargo shipped out of Penang compared to the corresponding period in 2009. With figures provided by Malaysia Airports Holdings, statistics compiled by Penang-based Socio-Economic and Environmental Institute (Seri) reflected a 17.1% rise in air cargo between Jan and Jun this year.
Singapore stock market and companies daily report (Yangzijiang Shipbuilding,United Industrial Corp,Sinotel Technologies ) (August 31, 2010)
Yangzijiang Shipbuilding (Hldgs) has entered into 28 shipbuilding contracts with a total value of about US$915m since July 1. The new contracts will see Yangzijiang building mostly dry bulk carriers and 8 container vessels, which will be scheduled for deliveries from 2011 to 2013.United Industrial Corp (UIC) has paid a development charge of $160.1m to the Urban Redevelopment Authority (URA) for the redevelopment of UIC Building at 5 Shenton Way.Sinotel Technologies has launched a 1-for-4 rights issue to raise gross proceeds of up to $23.6m, which will involve up to 84.35m new shares at an issue price of $0.28 each. The issue price represents a 23.3% discount to the stock’s closing price of $0.365 on Aug 27.
Australian stock market and companies daily report (August 31, 2010)
US stocks fell on Monday despite deal activity from Intel and 3M as investors continued to fret about the health of the economy.The drop came in thin trading. NYSE Composite volume on Monday totalled about three billion shares, making it the lowest-volume day this year. The Dow Jones Industrial Average declined 1.39%. With just one day left in the month, the measure is off 4.4% for August.Bank of America was one of the Dow's weakest performers with a drop of 2.5%. Ohio Attorney General Richard Cordray pledged to move forward aggressively with two investor lawsuits over Bank of America's disclosures before its acquisition of investment bank Merrill Lynch. "The court ruled that companies cannot pick and choose what they will tell their shareholders," Cordray said.
US stock market daily report (August 30, 2010, Monday)
Today's stock market news wasn't the news investors were looking for to continue the rallies of Friday. Investors remained cautious in the first trading day of the week; stocks were headed lower after a positive report on consumer spending. This morning the Commerce Department reported that consumer spending rose 0.4% in July, up from the 0.1% it rose in June. Analysts' were looking for spending to rise by 0.2%, so were pleasantly surprised. Personal incomes rose in July; there was a rise by 0.2%, unchanged from the previous month. Analysts' were expecting to see spending rise by 0.3%. Analysts' say without a steady rise in personal income that the rise in consumer spending will only be temporarily
World stock markets daily report (August 30, 2010)
Late on Friday, equity markets set up for a relief rally despite bellwether tech giant Intel guiding down its earnings forecast (a development which I for one, thought was mightily disturbing). The trigger for the rally came from the speech of Ben Bernanke in Jackson Hole. He remarked that the Fed stood ready to boost economic growth and had the tools to do so, including increasing the purchase of long-term assets. So although Bernanke tilled no new ground at Jackson Hole in Wyoming, re-launching QE remains an option this Autumn as deflation risks intensify. Additionally over the weekend, the Bank of Japan expanded credit support for banks. These are indications that central banks are willing to support the fragile economic development.
Russian stock market daily evening report (August 30, 2010, Monday)
Raise at the market was totally indicated during the whole day due to positive foreign background. Shares of AvtoVAZ (due to news on export duties) and preferred shares of Rostelecom (due to news on dividend policy) were the market's favorites. Also shares of IRC of Svyazinvest were collected. Less activity was in the other shares of the market.
Russian stock market daily morning report (August 30, 2010, Monday)
On Friday the trades at the Russian share market began relatively weakly - the market slipped insignificantly due to impact of the U.S. trades results. However the oil prices that upped overnight kept the market from a more serious drop. The actual anxiety began after the information output on revision of the U.S. GDP forecast for 2Q 2010 - the fact turned out to be better than expected, which leaded to price growth at the markets. The preferred share of Rostelecom added most significantly among the Russian notes - the investors still are inspired by the coming dividends on given shares. Also the price adding was indicated on the metallurgy companies' shares. On contrary, demand got weaker in the shares of AvtoVAZ and Kamaz, which leaded to slipping of quotes.
Indian stock market daily closing report (August 30, 2010)
The markets opened with an upside gap but trimmed off it's gains and ended with modest gains. All the major sectoral indices ended on a flat note, Banking and Reality being the highest gainers. The Sensex closed at 18,032 up 33 points and the Nifty was at 5,415 up 6 points after making an intra-day high of 5,465. The Mid cap and Small cap indices ended on a flat note. The breadth of the market was relatively flat and the total turnover recorded at Rs.1,02,349 Cr. The Sept future ended with 14 point premium.
World stock markets news summary (US, UK, Europe, Asia) (August 30, 2010)
President Obama said that the US economy was expanding, but not quickly enough, and there was no magic bullet that will fix its problems. He added that the batch of grim economic data over the past few weeks was something his administration had anticipated. T-notes finished the session sharply lower after a combination of smaller than expected revision to the GDP data, as well as reluctance by Bernanke to announce another round of Treasury purchases weighed on prices. At the pit close T-notes finished down 1 point at 125.06. At 0637BST UST’s were trading up 6+ ticks to 125.12+ rising after the market was somewhat disappointed by the latest easing from the BoJ which sent the Nikkei off its initial daily high.
Indian stock market and companies daily report (August 30, 2010, Monday)
The key benchmark indices slumped on worries over the pace of the US economy’s recovery. IT stocks fell after the Union Cabinet approved the new Direct Taxes Code bill, wherein it proposed a hike in MAT on book profits to 20% from the prevailing 18%. The market recovered from the lower level at the onset of the trading session. The intraday recovery gathered strength in morning trade as Asian stocks came off lows, led by recovery in Japanese shares. The market extended losses to hit fresh intraday lows in mid-afternoon trade as European stocks extended initial losses and slumped in late trade. The Sensex and Nifty closed down 1.3% each, while the BSE mid-cap and small-cap indices closed lower by 1% and 1.3%, respectively. Among the front liners, ONGC, Tata Steel, RCOM and ACC gained 0–3%, while DLF, Hero Honda, ICICI Bank, Tata Power and JP Associates lost 2–3%. Among mid caps, FDC, Ispat Ind., Eicher Motors, Havells and Escorts gained 3–11%, while J&K Bank, Jubilant Food., Great Offshore, Puravankara and MVL declined 5–7%.
Indian stock market daily morning report (August 30, 2010, Monday)
Indian markets closed on negative note on Friday tracking weak cues from global markets as investors were skeptical ahead of US Federal Reserve Chairman, Ben Bernanke's speech, which is likely to signal his views about the prospects for the world's largest economy. Negative opening of the European markets and decline in the US futures saw markets slipping below psychological levels. All the sectoral indices except oil & gas, edged lower and rate sensitive real estate and banking stocks were most affected while IT and consumer durables were the other laggards on the markets.
Malaysia stock market and companies daily report (August 30, 2010)
China is one of IOI Corp’s top five palm oil markets and the largest vegetable oil consumer in the world. Executive chairman Tan Sri Lee Shin Cheng sees stronger demand and very good potential in increasing their sales volume further to this geographical segment in the years ahead.OSK Research is maintaining its Buy call on Proton Holdings at RM4.53, being the cheapest auto stock under its coverage which is only trading at forward PE of 7.2 times versus the sector average of 10 times.Government-owned UDA Holdings’s priority for the long term is to enhance the value of its properties with an optimum Bumiputera and non-Bumiputera mix of buyers and tenants to ensure their appreciation.
Singapore stock market and companies daily report (Guocoland, Qingmei Group holdings, Transcu Group’s) (August 30, 2010)
Guocoland returned to the black, posted a FY10 net profit of $134.3m, reversing the $70.2m net loss in the previous year, mainly due to recognition of profit from strong sales in China, where its Ascot Park, a 1,112 unit development in Nanjing, had been fully sold.Qingmei Group holdings (Qingmei), the producer of high-end sports shoe soles reported a FY10 net profit of Rmb249.99m ($49.8m), up from Rmb182.47m a year back, due mainly to savings from economies of scale.Transcu Group’s Japan-based skincare cosmetics unit has significantly ramped up sales through Japanese multi-brand stores. Meanwhile, the firm said it is in final negotiation with a major Japanese pharmaceutical company for a licensing agreement under its pharmaceutical business.
Australian stock market and companies daily report (August 30, 2010)
US stocks climbed on Friday, with DuPont, Alcoa and Caterpillar leading broad gains. Investors took comfort in Federal Reserve Chairman Ben Bernanke's promise to do what it takes to support an economic recovery, along with a betterthan- feared revision of second-quarter economic growth.The Dow Jones Industrial Average rose 1.65%, its biggest one-day gain since Aug. 2. Still, the measure fell 0.62% last week, its third straight week in the red. It is now off 3.01% for the month and it has fallen 2.66% this year. In Friday's session, DuPont added 3.9%, while Alcoa and Caterpillar each gained 3.1%.The gains came as Federal Reserve Chairman Ben Bernanke said he is ready to do what it takes to support an economic recovery that has been losing steam. He said the Fed has not yet agreed on what would trigger further action. Bernanke also said he expects the US economy to continue growing in 2011 and subsequent years, signalling further Fed action may not be needed.
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World stock markets daily report (September 02, 2010)
A hump day rally sparked by strong Chinese PMI and Aussie GDP data was followed up by much better than expected US ISM and the sentiment was for sure “RISK-ON” this was also helped by WSJ article about further stimulus from Obama administration and rumours of massive $6bn asset reallocation trade out of German bunds (the bond bubble) into S&P 500 futures as it was the start of a new quarter.
Indian stock market daily closing report (September 02, 2010)
The markets traded within a tight range after the positive momentum witnessed for two days and ended with modest gains. All the major sectoral indices ended on a very flat note. Sugar counters witnessed a significant spike on decontrol reports. The Sensex closed at 18,238 up 34 points and the Nifty was at 5,486 up 14 points after making an intra-day high of 5,513. The Mid cap and Small cap indices were up by 0.78% and 1.11% respectively. The breadth of the market was positive and the total turnover recorded at Rs.1,02,680 Cr. The Sept future ended with 3 points discount
World stock markets news summary (US, UK, Europe, Asia) (September 02, 2010)
Nationwide House Prices SA (Aug) M/M -0.9% vs. Exp. -0.3% (Prev. -0.5%); NSA (Aug) Y/Y 3.9% vs. Exp. 4.9% (Prev. 6.6%) (RTRS) UK house prices fell the most in six months in August as increased supply of property gave buyers more bargaining power, according to Nationwide Building Society.Britain’s deficit is constraining public finances, says IMF report. (Independent) Britain’s public finances remain “constrained” and among the most precarious of the major advanced economies, the International Monetary Fund (IMF) warned yesterday. Ranking nations by their “fiscal space” – the insulation that they have against further unforeseen shocks to their economic systems – the IMF said the UK was only one notch above those countries most commonly thought of as being bust.
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Godrej Properties IPO review and analysis by Angel Broking, 9 December 2009
Godrej Properties Limited (GPL) intends to develop its projects through joint development agreements with land owners. Under this asset-light model, GPL will enter into revenue, profit or area-sharing agreements with land owners, instead of an outright purchase of the land. This model avoids direct land dealings for GPL and the locking-up of extensive capital in land. Around 80% of GPL's existing land bank will be executed through joint developments with partners. The Godrej brand name has been associated with quality and strong corporate governance. Both of its existing listed entities, Godrej Consumer Products and Godrej Industries have given CAGR Returns of 48% and 77%, respectively, to investors since 2001. We believe that GPL could leverage its parentage brand (with respect to access to the land at Vikhroli and a strong customer preference towards it), assuring a timely delivery of execution. More than 50% of GPL's existing land bank is exposed towards township projects and in one location (Ahmedabad), which will be executed over the next ten years. Any delay in this execution or a fall in property prices in Ahmedabad will impact our NAV estimates, as 50% of our NAV is derived from this project.
JSW Energy Ltd IPO review and analysis by Nirmal Bang, 8 December 2009
JSW Energy Ltd. (JSWEL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has two thermal power projects under operation, with a combined installed capacity of 860 MW. JSWEL is a part of the JSW Group, a leading business group in India. JSW Group has a presence in high growth sector like Steel, Energy, Aluminium, Cement, Infrastructure and Logistics. Post IPO holding of Promoter and Promoter Group would be 78.12%
JSW Energy IPO review and analysis by Angel Broking, 7 December 2009
JSW Energy (JSWEL) currently has operational capacity of 995MW and is in the process of executing projects with capacity of 2,655MW. In addition, the company has 7,740MW power generation projects at an early stage of development. A major portion (2,145MW) of JSWEL’s upcoming capacities is expected to be operational by FY2011E thereby providing near-term visibility. Out of the plants under construction, the company expects to commission 570MW by end FY2010E, while another 1,575MW is expected to get operational in FY2011E. Thus, a robust portfolio and near-term Revenue visibility is a major positive for the company.
Surgutneftegas: Currency rates are putting away the dividends..., 26 November 2009
We have revised our model of Surgutneftegas. The reason for that was the output of the 3Q 2009 report, correction of our suppositions of the company’s future development, and also the postponing of the target time and evaluation one year forward. Particularly, in our model of Surgutneftegas we have corrected the former forecast of income for the current year towards reduction: on EBIT – by 2.2%, on the net profit – by 21.5%. Mainly that happened due to the corrections on the operating estimates, and also due to the continuing strengthening of Russian ruble, which, considering significant dollar liquidity of the company, turns into negative currency exchange. Due to the negative currency exchange precisely For the second quarter in a row Surgutneftegas shows low level of the net profit. The fourth quarter, as we see it, will not make an exception and we expect negative currency exchange similar to the ones in the third quarter.
Gazprom: Having passed the bottom, 23 November 2009
We have revised our estimation of Gazprom’s shares. The reason for up-dating the company’s model was the report by IAS for 1H 2009, the budget draft for the next year and corrections of WACC method calculation. The provided financial report of the gas monopoly totally brought no surprises. As it has been expected, the second quarter was worse than the first one and likely was the weakest within the whole year. In 1H 2009 the financial estimates were affected by the decline of the gas sale at all markets by 22.3% average, and by the reduction of the retail price of gas by 9.6% in the state of the far abroad and by 24% in Russia. As a result within the six months of the year 2009 sales slipped by 24.1 bn USD or by 32.8% and formed 49.285 bn USD, operating profit and EBITDA showed reduction by 56.7% and 52.6% respectively and formed 12.98 bn USD and 16.18 bn USD.
Cox and Kings IPO review, analysis and recommendation, 18 November 2009
Cox and Kings proposes to make its IPO in the price band of Rs316-330/share, at a face value of Rs10 each, and to issue 1.85cr shares, of which 30.5lakh shares are offered for sale by Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merrill Lynch Capital Markets Espana. Therefore, the fresh issue by the company will be to the extent of 1.55cr shares. The company plans to use the proceeds for debt repayment (Rs129.6cr), acquisitions and other strategic initiatives (Rs150cr), investment in overseas subsidiaries (Rs62.5cr), and investment in corporate offices and upgrading its existing operations (Rs60cr).
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